Project Mala Charitable Trust Charity Registration Number 801953 Trustees, Annual Re ort FBn Sta ements for the year e 31st March 2024 cgall Charity accounts preparation & independent examination service
Project Mala Charitable Trust Charity registration number 801953 Contents Index Page Annual Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Accounts 10
PRUJECT fflA Project Mala Charitable Trust {Charity Registration Number 801953) Trustees, Annual Report Reference and Administration details Charity's Full Name: Project Mala Charitable Trust Charity registration number: 801953 Charity's principal address Model Farm, The Green, Upper Poppleton, York Y026 6DP Names of the trustees who manage the charity Trustee name Office (if any) Dates acted if not whole year Name of person entitled to appoint trustee Robin Garland Chair Anne Gilmour Angela Scott Resigned 27106123 Pujit Gandhi Appointed 07108/23 Nupur Gandhi Appointed 07108123 Names and addresses of advisers Type of advi50r Name Address Investment Advisor Hargreaves Lansdown Independent Examiner Karen Wood ACMA, CGMA Hiscox Building, Peasholme Green York YOI 7PR
PROJECT fflA Project Mala Charitable Trust {Charity Registration Number 801953) Trustees, Annual Report Structure, governance and management Description of the charity's trusts Type of governing document Trust Deed dated 7 August 1989 How the charity is constituted An unincorporated charity Trustee selertion methods New trustees are appointed as needs arise and to ensure that an appropriate range of skills and experience Is brought to the management of the trust. Appointment is by existing trustees. Additional governance issues The charity is administered by a board of trustees supported by volunteers plus remunerated administrative support as required. Objectives and Activities Summary of the objects of the charity set out in its governing document The principal objective of the charity is the advancement of education and the relief of poverty amongst children in India. The trust supports The Children Emancipation Society which operates Project Mala schools in India. Currently there are 5 pre-schools, 6 primary, 4 middle, 2 secondary schools and l intermediate college in the state of Uttar Pradesh, India, supporting over 1,350 underprivileged children in full time education. The education covers up to 10 years and grades 1-12 of the national curriculum. Most of these children could have grown up illiterate without the benefit of our work. Nutrition and health care are provided for all pupils. Summary of the main activitbes undertaken for the public benefit in relation to these objects The main beneficiaries at this stage are children in the Uttar Pradesh state of Northern India who receive education, nutrition and health care through funding provided by the trust. The trustees consider that they have complied with their duties to have due regard to the public benefit guidance published by the Charity Commission.
PROJECT MALA Project Mala Charitable Trust (Charity Registration Number 801953) Trustees. Annual Report Achievements and Performance Summary of the main achievements of the charity during the year The year under review has been another successful one for Pmcf. In particular, the academic achievements of our children have been outstanding. This year, in class 12 (highest level students) all our 41 children passed in the 1st division (marks over 900/0). What is especially pleasing is the enthusiasm of our children. This can only be attributed to the dedication and hard work of Mukesh, our Director of Education, and his team in India. Music was taught this year for the first time. We also renovated a number of classrooms and the science lab.
PROJECT IIIALA Project Mala Charitable Trust (Charity RegTrstration Number 80 I9531 Trustees. Annual Report Financial Review Review of the charity's financial position at the end of the period A surplus of £1 1,926 after loss from exchange but before gains on investment of £15,232 has been made this year, increasing reserves to £138,505. In the balance sheet investment assets have increased by £17,452 from £58,043 to £75,495, current assets have increased by £9,756 from £53,854 to £63,610 and current liabilities have increased by £50 from £550 to £600. Amount of reserves held £138,505 of unrestricted reserve Reserves policy The trustees adopt the advice of the Charity Commission in seeking to maintain an adequate level of unrestricted funds to support ongoing work. Funds materially in deficit None Funds held as a custodian trustee The schools in India are operated by The Children Emancipation Society which is a society registered in India. The society has it's own trustees. All schools operate under the 'Project Mala, name. Project Mala supplies approximately 80010 of the costs incurred in India, the balance being raised within the country. Efforts continue to be made to increase the domestic funding so that in the longer term there is less reliance on grants from overseas.
PROJECI nLA Project Mala Charitable Trust {Charity Registration Number 801953) Trustees. Annual Report Trustees. responsibilities in relation to the financial statements Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each ftnancial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Declaration This report was approved by the Board of Trustees Signed on behalf of-the charity's trustees Signature Full Name RoQifvJ Position Date o*- cl- LOL
Project Mala Charitable Trust (Charity Registration Number 8019531 Independent examiner's report to the Trustees of Project Mala Charitable Trust I report on the accounts of: Project Mala Charitable Trust For the year ended: 31st March 2024 Which are set out on pages 7-17 Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent examlnerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any rnaterial respect: accounting records were not kept in respect of the Trust as required by section 130 of the Act; or the accounts do not accord with those records or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 1310712024 Karen Wood ACMA, CGMA Outsource independent examination service The Hiscox Building Peasholme Green York YOI 7PR Dale
Project Mala Charitable Trust (Charity Registrntion Number 801953) Statement of Financial Artivities for the year ended: 31st March 2024 Unrestricted Restricted funds funds 2024 Total 2023 Total Income and endowments from: Note Donations and legacies 218,647 10,552 229, 199 231,624 Investments 2,417 2,417 3,115 Other income 831 831 1,728 Total income 221.895 10,552 232,447 236,467 Expenditure on Note Raising funds 5,453 5,453 4,104 Charitable activities 203,650 10.552 214,202 270,091 Other expenses 866 866 Total expenditure 209.969 10.552 220,521 274,195 Net incoming/(outgoing) resources before other recognised gains/(losses) 11,926 11,926 (37,728) Transfers between funds 10 Gains on investment assets 15.232 15,232 (422) Net movement in funds 27,158 27,158 {38,150) Total funds brought forward 111.347 111,347 149,497 Total funds carried forward 138.505 138.505 111,347
Project Mala Charitable Trust (Charity Registration Number 801953} Balance sheet as at: 31st March 2024 Note 2024 2023 Fixed assets Investments 75,495 58,043 Total fixed assets 75,495 58,043 Current assets Cash at bank and in hand 58,127 48,124 Debtors and prepayments 5,483 5,730 Total current assets 63,610 53,854 Current liabilities: amounts falling due within one year Accruals Independent examiner's fees (600) (550) Net current assets/(liabilities) 63,010 53,304 Net assets/(liabilities) 138,505 111,347 Funds of the charity io Unrestricted Funds (General) 138,505 111,347 Restricted Funds Total funds carried fonAfard 138,505 111,347 The financial statements were approved by the trustees and signed on their behalf by: Signature Name ot11 QAQLAtrJC) Posrtion CHAi2hA
Project Mala Charitable Trust (Charity Registration Number 801953) ststement of Cash Flows for the year ended: 31st March 2024 Note Total 2024 Total 2023 Cash flows from operatin9 activities Net income/(expenditure) for the year 27,158 (38,150) (Gains)/losses on investments {15,232) 422 11,926 (37,728) Worklng capital Changes (Increase)/decrease in debtors 247 30 Increase/(decrease) in creditors so Net cash provided by/ (used In) operating activ6tes 12,223 (37,698) Cash flows used in investing activities Purchase of investments 7,168 (13,280) Sales of investments (9,500) 10,737 Cash from investing activlties (2,332) (2,543) Change in cash and cash equivalents in the year 9,891 (40,241) Cash and cash equivalents at l April 2023 48,797 89,038 Cash and cash equivalents at 31 March 2024 58,688 48,797 Cash at bank at 31 March 2024 58,127 48,124 Cash equivalents at 31 March 2024 561 673 58,688 48,797
Project Mala Charitable Trust (Charity Registration Number 8019531 Notes to the Accounts for the year ended: 31st March 2024 1.1 Basls of accountlng These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Statement of Recornmended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). 1.2 Change of basis of accounting There has been no change to the accounting policies (valuation rules and methods of accounting) since last year. 1.3 Change to previous accounts No changes have been made to accounts for previous years. 2. Accounting policies 2.1 Income Recognitlon of income Income is recognised in the Statement of Financial Activities (SOFA) when: the charity becomes entitled to the resources. receipt is probable; and the rnonetary value can be measured with sufficient reliability. Incoming resources wlth related expendlture Where incoming resources have lated expenditure. the incoming resources and related expenditure are reported gross in the SOFA. Grants and donatlons Grants and donations are only included in the SOFA when the charity has evidence of entitlement to the resources and receipt is probable. Investment income This is included in the accounts when receivable. 10
Project Mala Charitable Trust (Charity Registration Nurnber 801953) Notes to the Accounts for the year ended: 31st March 2024 2.2 Expenditure and Liabilties Expenditure Raising funds Cost of raising funds comprise those costs associated with attracting voluntary income. Charitable activities Charitable activities expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Liability recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. 2.3 Assets Investments Fixed asset investments are valued at initially at C05t and subsequently at a fair value (their market value) at the year end. Foreign currencies Assets and liabilities in foreign CuenCieS at the year end have been translated into UK Sterling at the rate of exchange applicable at the date of the Balance Sheet. Transactions In foreign currencies during the financial year have been translated into sterling using the exchange rate on the day of the transaction. Exchange rate differences are taken into account in arriving at the operating result. The total value of assets and liabilities held in foreign currencies at the year-end was £14,859 ($3,942 (US Dollars), $22,700 (AUS Dollars) calculated using applicable exchanges as of 31st March 2024 ($0.792 to £1 US Dollars, $0.517 to £1 AUS Dollars). Fund accounting Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor. 11
Project Mala Charitable Trust (Chanty Registration Number 8019531 Notes to the Accounts for the year ended: 31st March 2024 3. Income and endowments Unrestrlcted funds Restrlcted Totsi 2024 Unrestrlcted Restrlrted funds nds funds Totsl 2023 3.1 Donations and legacies Donations and gifts 48.781 10.552 59,333 54,583 9,770 64,353 Child sponsorship & scholarship 146,761 146.761 141,812 141,812 Gift Aid 23,105 23,105 25,459 25,459 218,647 10,552 229,199 221,854 9,770 231,624 3.2 Investments Bank interest 85 85 389 389 Dlvidends 2,332 2.332 2,726 2,726 2.417 2,417 3,115 3,115 3.3 Other income Sundry income 831 831 Gain on exchange rates 1.728 1.728 831 831 1,728 1,728 Total income 221,895 10.552 231447 226,697 9,770 236,467 12
Project Mala Charitable Trust (Charity Registrats"on Number 801953) Notes to the Accounts for the year ended: 31st March 2024 4. Expenditure Unrestricted funds Restricted Total 2024 Unrestrlcted funds funds Restricted Total 2023 funds 4.1 Raising funds Incurred seeking donations & sponsorship 5.453 5,453 4.104 4,104 4.2 Charitable actlvltles Direct school funding costs 180,174 10,552 190,726 234,088 9,770 243,858 Bank transfer fees iio iio 147 147 Communications & IT 1,114 1,114 5,496 5,496 General office 147 147 852 852 Insurance & DBS checks 2,134 2,134 524 524 Finance & administration costs 18,600 18,600 18,300 18,300 Travel & subsistence 688 688 390 390 Independent examiner's fees 683 683 524 524 203,650 10,552 214,202 260,321 9,770 270,091 4.3 Other expenditure L05s on exchange rates 866 866 Total expenditure 209,969 10,552 220.521 264.425 9,770 274,195 13
Project Mala Charitable Trust Icharity Registration Number 801953) Notes to the Accounts for the year ended: 31st March 2024 S. Expenses and fees 5.1 Fees for examination of the accounts 2024 2023 Independent Examiner's fees 600 550 Other charges paid lo examiner 83 683 550 6. Investment assets Cash & cash Listed equivalents investments At cost At fair value Total Carrying (fair) value at beginning of year 673 57,370 58,043 Sale of disposals 7,168 (7,168) Purchase of additions (9,500) 9,500 Dividends & interest 2,332 2,332 Management fees (44) (44) Prior year adjustment (68) (68) Add/(deduct): net gain/(loss) on revaluation 15,232 15.232 Carrying (fair) value at end of year 561 74,934 75.495 Comprising: Cash at cost 561 Investments at fair value 74,934 75,495 14
Project Mala Charitable Trust (Charity Registration Number 801953) Notes to the Accounts for the year ended: 31st March 2024 7. Cash at bank and in hand Unrestricted Restrlrted funds funds Total 2024 Total 2023 Royal Bank of Scotland current 9.688 9,688 8,406 Royal Bank of Scotland deposlt 5,542 5,542 459 The Co-operative Bank 27.766 27,766 15,328 Paypal in GB£ 272 272 325 Paypal in AUS$ 70 70 Capital One Bank 3,123 3,123 8,976 Westpac Community Solutions One 11,666 11,666 14,630 58.127 58,127 48.124 8. Debtors & prepayments 2024 2023 Debtors & prepayments Gift aid 5,483 5,730 5.483 5,730 9. Creditors and accruals 2024 2023 Analysis of creditors falling due within one year Independent examiner's fee 600 550 600 550 15
Project Mala Charitable Trust (Charity Registration Number 801953} Notes to the Accounts for the year ended: 31st March 2024 10. Movement of funds 10. l Movement of major funds 2024 Balance bl Incoming Outgolng Transfers Gain/loss on invest Balance c/ fwd Fund Name Unrestricted Funds 111,347 221,895 209.969 15,232 138,505 Restricted Funds Equipment for schools 1.120 1.120 Education 1,896 1,896 Nutrition 7,536 7,536 10,552 10,552 Totsl funds 111.347 232,447 220,521 15.232 138,505 2023 Balance bl Incomiftg Outgolng Transfers Galn/loss on Invest Balance cl fvid Fund Name Unrestrirted Funds 149,497 226,697 264,425 (422) 111.347 Restricted Funds Equipment for schools LIO iio Education 7.044 7,044 Nutrition 2.616 2,616 9.770 9,770 Total funds 149,497 236,467 274,195 (422) 111.347 16
Project Mala Charitable Trust (Charily Registratson Number 80 1953) Notes to the Accounts for the year ended: 31st March 2024 11.2 Details of Funds Held Unrestricted Funds General The general fund is unrestricted and available for general purposes. Restrlrted Funds The restricted funds are only available for the purposes specified for each fund, which are: Equlpment for Schools Donatlons given for equipment and uniforms in the schools Education Donations given towards fees and expenses for Niraj and Pradeep, past Students, sponsored by Theo Trust Nutritlon A fund to enable the Improvement in physical improvement through healthcare and nutrition. 12. Net assets between funds Unrestrirted funds Restricted funds Total 2024 Balances at 31st March 2024 Fixed assets 75,495 75,495 Current assets 63.610 63,610 Current liabilities (600) (600) 138.505 138.505 Unrestricted funds Restricted funds Total 2023 Balances at 31st March 2023 Fixed assets 58,043 58,043 Current assets 53,854 53,854 Current liabilities (550) (550) 111.347 111,347 17
Project Mala Charitable Trust (Charity RegiÉtration Number 801953) Approval of accounts for the year ended 31st March 2024 The report and accounts were approved at a meeting of the trustees held on of JULY ZOL Date Signed for and on behalf of the trustees Signature Name CL-IA Position (e.g. Chair etc) Og- 07- LOL Date 18